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McDermott International Inc. has received court approval to restructure $4.6 billion of debt in a deal that would hand control of the engineering firm to its lenders, WSJ Pro Bankruptcy reported. Judge David R. Jones of the U.S. Bankruptcy Court in Houston said yesterday that he would sign off on McDermott’s chapter 11 plan, which has the support of both senior and junior creditors. Judge Jones overruled an objection from shareholders, saying McDermott’s default last year leaves shareholders out of the money using any credible valuation or liquidation analysis. The company’s financial outlook is supported by $18.6 billion of backlog orders, which are expected to provide for 90 percent of the company’s 2020 revenues, and at least 60 percent of its revenues in 2021, said John Castellano, a managing director at AlixPartners who has been advising the company. Castellano said that despite the recent market selloff driven by the growing coronavirus pandemic, he still believes that McDermott will be able to deliver on its projections.